Parametric Portfolio Associates LLC lifted its holdings in shares of Paramount Group Inc (NASDAQ:PGRE) by 5.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 165,446 shares of the company’s stock after acquiring an additional 8,671 shares during the quarter. Parametric Portfolio Associates LLC owned approximately 0.07% of Paramount Group worth $2,647,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Paramount Group by 8.1% during the 2nd quarter. Vanguard Group Inc. now owns 30,137,386 shares of the company’s stock worth $482,198,000 after acquiring an additional 2,248,078 shares during the period. BlackRock Inc. boosted its stake in shares of Paramount Group by 13.0% during the 2nd quarter. BlackRock Inc. now owns 13,109,633 shares of the company’s stock worth $209,754,000 after acquiring an additional 1,504,277 shares during the period. State Street Corp boosted its stake in shares of Paramount Group by 76.1% during the 1st quarter. State Street Corp now owns 4,712,199 shares of the company’s stock worth $76,387,000 after acquiring an additional 2,036,684 shares during the period. Presima Inc. boosted its stake in shares of Paramount Group by 5.4% during the 2nd quarter. Presima Inc. now owns 3,252,400 shares of the company’s stock worth $52,038,000 after acquiring an additional 166,500 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Paramount Group by 22.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,473,703 shares of the company’s stock worth $40,098,000 after acquiring an additional 461,027 shares during the period.
Shares of Paramount Group Inc (NASDAQ:PGRE) opened at $15.85 on Friday.
Paramount Group (NASDAQ:PGRE) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.02. The business had revenue of $177.70 million during the quarter, compared to the consensus estimate of $170.11 million. Paramount Group had a return on equity of 10.10% and a net margin of 77.76%. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.23 EPS.
The company also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were paid a $0.095 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.38 annualized dividend and a yield of 2.40%.
Paramount Group announced that its board has initiated a stock buyback plan on Thursday, August 3rd that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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Several research analysts have recently commented on the company. Zacks Investment Research downgraded Paramount Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 26th. Mizuho downgraded Paramount Group from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $17.00 to $15.00 in a research note on Monday, July 10th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $16.42.
About Paramount Group
Paramount Group, Inc is a fully-integrated real estate investment trust (REIT) focused on owning, operating, managing, acquiring and redeveloping Class A office properties in select central business district submarkets of New York City, Washington, District of Columbia (DC) and San Francisco. The Company conducts its business through, and substantially all its interests in properties and investments are held by, Paramount Group Operating Partnership LP (the Operating Partnership).
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